Industry News

OCBC is set to become the first Singapore bank to allow its customers to scan and pay all merchant QR codes in Mainland China using its mobile banking app. This new capability, expected to launch in Q1 2026, is made possible through an expanded partnership with UnionPay International, leveraging NETS infrastructure to support payments to merchants accepting Weixin Pay (WeChat Pay). This enhancement complements the app’s existing Alipay+ and UnionPay QR payment capabilities.

The new feature will benefit OCBC Singapore customers travelling to China, where QR-based cashless payments are prevalent. Customers can make payments by simply scanning any Weixin Pay, Alipay+, or UnionPay merchant QR code, with transactions debited directly from their OCBC accounts. This eliminates the need for third-party apps or currency exchange, offering competitive, real-time exchange rates without additional fees.

OCBC’s Scan & Pay feature has already seen significant adoption, with payment volumes increasing by 11% year-on-year and active users rising by 67%. Mainland China remains the top destination for these QR payments, coinciding with a surge in travel demand. According to Oxford Economics, arrivals from Singapore more than doubled in 2024, reaching an estimated 535,000.

Sunny Quek, Head of Global Consumer Financial Services at OCBC, stated, “QR payments are the norm in Mainland China. Our goal is to enable customers to pay like a local.” Beyond China, the Scan & Pay feature connects to QR payment networks in 48 countries, providing comprehensive coverage for OCBC app users. Additionally, the app supports peer-to-peer transfers to digital wallets across Southeast Asia and direct money transfers to Mainland China via Weixin Pay and Alipay+.

Cushman & Wakefield has announced the sale of two 999-year strata retail units at Peninsula Plaza, strategically located in Singapore’s Downtown Core. These units, featuring prominent facade display windows and prime escalator frontage, are available through an Expression of Interest (EOI) exercise, closing on 15 January 2026.

Situated opposite the City Hall MRT Interchange, the retail units benefit from high footfall, surrounded by major institutions like the Supreme Court and National Gallery Singapore. The combined strata area of the units is approximately 330 sq m, with the option to purchase them individually or collectively. The larger unit, measuring 228 sq m, boasts six display windows along Peninsula Plaza’s main facade, offering significant branding opportunities.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the units’ prime location and visibility, stating they are ideal for retail or lifestyle concepts seeking maximum exposure. The area’s proximity to major office towers and cultural landmarks ensures a steady catchment of office workers, tourists, and regular patrons.

The sale presents a rare opportunity for investors and owner-occupiers, with no Additional Buyer’s Stamp Duty payable, and eligibility extended to both foreigners and companies. The units’ accessibility, being near multiple MRT stations, further enhances their investment appeal.

ShopBack, a leading shopping and rewards platform in the Asia-Pacific, has partnered with the Singapore Tourism Board (STB) to offer Malaysian travellers enhanced rewards when visiting Singapore. The collaboration, under the campaign tagline “Syok Jalan, Syok Lagi Cashback”, provides exclusive Cashback, perks, and giveaways for travel bookings made through ShopBack. This initiative, running from 28 November 2025 to March 2026, aims to boost cross-border tourism by offering upsized Cashback of up to 12% on accommodations and activities.

The partnership includes key travel platforms such as Klook, Traveloka, IHG Hotels & Resorts, Expedia, and Booking.com. Travellers can earn 9.5% Cashback on Klook for attractions like the Singapore Zoo and 9% on Traveloka for visits to Gardens by the Bay. This initiative combines STB’s tourism leadership with ShopBack’s rewards expertise to highlight Singapore’s diverse attractions and engage high-intent travellers from Malaysia.

Vincent Wong, General Manager of ShopBack Singapore and Malaysia, stated, “Teaming up with the Singapore Tourism Board allows us to reward our Malaysian users in new, meaningful ways.” Terrence Voon, Executive Director, Southeast Asia of STB, added, “We hope to showcase the diverse range of experiences in Singapore, helping Malaysian visitors get the most value out of each visit.”

This collaboration underscores ShopBack’s role in connecting governments, merchants, and consumers through innovative partnerships. It also aligns with ShopBack’s expansion into a broader suite of shopping tools, enhancing the shopping experience for its users.

Ripple, a prominent financial technology firm known for its crypto solutions, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment activities under the Major Payment Institution (MPI) licence held by Ripple Markets APAC Pte. Ltd. This development allows Ripple to enhance its regulated payment services, offering greater value to customers in Singapore through its Ripple Payments platform.

Ripple’s expanded licence enables the company to deliver fully licensed end-to-end payment services in the region, leveraging blockchain technology to facilitate fast, transparent, and reliable cross-border payments. The company’s Vice President and Managing Director for Asia Pacific, Fiona Murray, highlighted the significance of this expansion, stating, “With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.”

The Asia Pacific region, particularly Singapore, is at the forefront of digital asset usage, with on-chain activity increasing by approximately 70% year-over-year. Ripple’s President, Monica Long, praised Singapore’s regulatory clarity, noting, “Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear.”

Ripple Payments offers a comprehensive solution that includes digital payment tokens and a global payout network, simplifying digital asset access for banks, crypto companies, and fintechs. This strategic move underscores Ripple’s commitment to compliance and innovation, reinforcing its position as a leader in the digital payments landscape.

Singapore’s private residential market is poised for another year of stable growth in 2026, according to Huttons Asia. Despite global economic uncertainties, the market has shown resilience, with home prices expected to rise between 2% and 5% next year. This follows a firm 3% price increase in 2025, marking the fourth consecutive year of deceleration in price gains since 2021.

Huttons Data Analytics estimates that up to 22 new private residential projects, comprising approximately 9,729 units, will be launched in 2026. A significant 85% of these units will be located in the Rest of Central Region (RCR) and Outside Central Region (OCR), with the OCR alone accounting for 64% of the new supply. This increase is driven by a 68.9% rise in flats reaching their minimum occupation period.

In 2025, developers launched 11,500 units, the highest since 2013, with 11,000 units sold. The Core Central Region (CCR) saw a notable injection of supply, with projects like Skye at Holland and River Green contributing to the region’s success. The CCR is expected to see a reduction in launches by 46.9% in 2026, with major projects such as Newport Residences set to debut in January.

The resale market, however, experienced a slowdown, with a 38% drop in volume in Q4 2025 due to competitive new launches. Overall, resale transactions are expected to reach 13,500 units for the year. Looking ahead, Huttons anticipates a transaction volume of 8,000 to 10,000 new sales and 10,000 to 12,000 resale units in 2026.

Marco Polo Marine has announced a remarkable 169.7% year-on-year increase in net profit for the financial year 2025, reaching $42.8m (S$58.5m). This surge is attributed to robust operational performance and significant one-off gains. The company’s gross profit also saw an 11.7% rise to $39.6m (S$54.2m), with the gross profit margin improving to 44.1% from 39.3% in FY2024.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 17.3% to $36.6m (S$50.1m), highlighting strong core operational resilience. Marco Polo Marine’s balance sheet remains robust, with cash and cash equivalents totalling $38.1m (S$52.2m). Additionally, the company announced a 50% increase in its dividend payout to 0.15 pence per share.

CEO Sean Lee expressed satisfaction with the results, stating, “We are pleased to report a solid set of results for FY2025, highlighted by the notable improvement in gross profit and the successful completion of key projects initiated in recent years.” He emphasised the company’s strong financial position and its strategic focus on growth opportunities in the renewable energy sector.

Looking forward, Marco Polo Marine anticipates further financial improvements in FY2026 as recent initiatives continue to impact positively. The company’s strategic direction and financial health position it well for sustained value delivery to shareholders.

TRAVEL DMC Group has unveiled “DMC Quote,” a new B2B travel platform developed in Singapore to enhance the efficiency of travel package creation for agents worldwide. The platform consolidates hotel contracts, attraction partnerships, and transport services, offering a streamlined solution for the Singapore–Malaysia corridor.

The platform boasts exclusive hotel partnerships across four key destinations, including 45 hotels in Singapore, five in Sentosa, 24 in Kuala Lumpur, and three in Genting Highlands. These agreements provide travel agents with reliable inventory through static contracted rates and dynamic connectivity.

In addition to hotels, TRAVEL DMC Group has secured exclusive and preferred attraction rates with major attractions such as Sentosa, Universal Studios Singapore, and the SEA Aquarium. This allows users to package these attractions at competitive rates.

The Group’s transport arm, KP Transport, operates a fleet of Toyota Hiace vans, SCANIA, and VOLVO coaches, ensuring efficient land operations and same-day confirmations for both individual and group movements.

Key features of the DMC Quote platform include a package customiser, hotel booking engine, and modules for tours, activities, and transfers. The platform is connected to 10 major global suppliers, expanding hotel access beyond contracted partnerships. A multi-currency wallet supports transactions in over 15 local currencies, enhancing payment flexibility.

Henry Ong, Travel Technology Director at TRAVEL DMC Group, stated, “DMC Quote was developed to support the realities of day-to-day B2B operations. Agents need speed, certainty, and reliable inventory.”

TRAVEL DMC Group, headquartered in Singapore, specialises in inbound tourism for Singapore and Malaysia, supporting thousands of travel agents across Asia and the Middle East.

JF Technology Berhad, a leading innovator in high-performance test solutions for integrated circuit makers, has announced a strategic acquisition to broaden its market reach. The company’s subsidiary, JF International Sdn. Bhd., has entered into a conditional Share Purchase Agreement to acquire Transcend Technologies (S) Pte., Ltd. and Transcend Tech Asia Pacific Pte., Ltd., both based in Singapore, for $4.4m (S$6m). This acquisition, which includes a three-year profit guarantee from the sellers, is expected to be completed by the end of 2025.

Transcend specialises in manufacturing test socket laser cleaners and high-precision parts for the semiconductor, aerospace, and medical industries. The acquisition is set to complement JF Technology’s existing business, creating synergies and expanding its offerings. Managing Director of JF Technology, Foong Wei Kuong, stated, “This strategic move complements our existing business and creates strong synergies. Together, we would broaden our offerings and widen our market reach by leveraging Transcend’s proven track record and strong reputation within the Southeast Asia semiconductor space.”

The acquisition aligns with JF Technology’s JF 4.0 Transformation strategy and is expected to enhance the company’s position in the semiconductor value chain, particularly in assembly and test equipment. Foong added, “This deal perfectly aligns with our JF 4.0 Transformation. More excitingly, the Proposed Acquisition is earnings accretive as it comes with a Profit Guarantee.”

With this acquisition, JF Technology aims to penetrate new customer segments and strengthen its comprehensive turnkey services for semiconductor companies worldwide.

SpeQtral, Singapore’s leading quantum communications company, in partnership with the UK Science and Technology Facilities Council’s RAL Space, has announced the successful deployment of the SpeQtre CubeSat. Launched aboard SpaceX’s Transporter-15 mission on 28 November 2025, the satellite is now in sun-synchronous orbit. This marks a significant step forward in space-based quantum communications technology.

The SpeQtre satellite, a 12U CubeSat, is equipped with advanced quantum hardware designed by SpeQtral. It aims to demonstrate secure space-to-ground quantum communication, a challenging feat given the satellite’s compact size. The mission seeks to validate quantum components and develop sophisticated communication protocols, potentially reducing costs and enhancing accessibility for future missions. “This mission represents years of collaborative development between our teams,” said Chune Yang Lum, CEO of SpeQtral.

Following its deployment, the satellite will undergo a commissioning phase, involving the activation and testing of all spacecraft subsystems. This phased approach ensures thorough validation before advancing to quantum experiments. Andy Vick, Disruptive Technology Lead at RAL Space, noted, “By approaching this mission with speed and creativity, they have already paved the way for more ambitious missions ahead.”

The mission addresses emerging cybersecurity challenges posed by advancements in quantum computing, which threaten conventional encryption methods. Satellite-based systems offer quantum-secure communications across vast distances, unlike terrestrial fibre networks. The collaboration is part of a broader Singapore-UK initiative to strengthen technological cooperation, supported by Singapore’s Office for Space Technology and Industry and the UK’s National Quantum Technologies Programme.

Quantum communications experiments are expected to commence in early 2026, with data from these experiments informing the development of future commercial satellites. The success of this mission could accelerate the deployment of commercial quantum communications constellations, establishing important precedents for international cooperation in quantum technologies.

Lauder Homes has unveiled Singapore’s first combined real estate and interior design service, promising a seamless experience from property search to move-in. This innovative service addresses the growing demand for speed, personalisation, and control in the property market by merging the roles of real estate agents and interior designers into a single professional.

The service is backed by over 13,000 licensed real estate professionals and cutting-edge proptech tools, providing clients with real-time market insights and award-winning design capabilities. Lauder Homes aims to eliminate the traditional disconnect between buying a home and designing it, offering a unified approach that saves time and reduces stress.

“Clients would buy property through one agent and then search separately for an interior designer — often leading to mismatched timelines, visions, and budgets,” Lauder Homes stated. By providing a single point of contact, the company ensures total control over the entire process, from negotiation to renovation.

Key features of the service include early design involvement, which begins as soon as the Option to Purchase is exercised, and comprehensive budget management that starts during property viewings. This approach helps clients make informed decisions and avoid unexpected financial shortfalls.

Lauder Homes also offers design-driven strategies for sellers, enhancing property appeal during viewings and increasing the likelihood of closing deals. For new launch buyers, the service includes expert floorplan interpretation to avoid common pitfalls.